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Business

Tokyo Century venturing into e-cash services in Indonesia

Japanese finance company joins with Lippo Group to craft a new business model

Lippo Group runs many businesses in Indonesia, including shopping malls.   © Reuters

TOKYO -- Tokyo Century is getting into the electronic money business in Indonesia through a partnership with a local conglomerate, with an eye toward developing a payment and lending business for a vast country where most people do not have bank accounts.

The Japanese lease and finance company has invested about 13 billion yen ($115 million) for a roughly 20% stake in an e-cash unit of Lippo Group, whose operations encompass department stores, shopping malls, hospitals and various other businesses. The group includes major property developer Lippo Karawaci.

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